Why isn’t the Tote Board giving more help to the poor?
I refer to the article “Tote Board gave $418m to a variety of causes” (Straits Times, Nov 24).
It states that “Since the Tote Board was set up as a statutory board in 1988, it has given out more than $8 billion.
The money, from lotteries, horse races and other games, is given to causes ranging from the arts to education, and social services to sports.
According to the financial statements of the Totalisator Board’s annual report 2016/17 – it had accumulated surpluses of $4.4 billion – an increase of 8.7 per cent from the previous year.
So, does it mean that it only gave out about 65 per cent ($8 divided by $8 + $4.4 billion) and kept about 35 per cent in accumulated surpluses?
Why does it need to keep so much surpluses?
Why doesn’t it give more to help the poor in Singapore?
For example, its surplus for the year was a whopping $351 million.
Leong Sze Hian